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FreeMarkets to establish Asian operations

Published on January 06, 2000.

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Pittsburgh--FreeMarkets, a provider of business-to-business online auctions, will set up Asian operations with offices in Hong Kong and Singapore. The company, which went public in December with one of the most explosive stock price jumps in Wall Street's recent memory, will look to serve U.S. multinationals and foreign-domiciled companies in the Pacific Rim. FreeMarkets faces tough competition in Asia: Citigroup, New York; Visa International, Foster City, Calif.; and ABN Amro Holding NV, Amsterdam, Netherlands, are busy setting up b-to-b Internet operations throughout the region.